If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run?

Assessment: JAMB UTME - Economics - 1992 Subject: Economics

Question 1 Report

If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run?
Answer Details
If a country has a balance of payment crisis, the best measure to bring about an improvement in the short run is large-scale export of locally made goods abroad. This is because the country can earn more foreign exchange by exporting its goods to other countries, which can be used to pay for its imports and improve its balance of payments position. The other options listed may not be effective in the short run as they may take time to yield positive results or may even exacerbate the balance of payments crisis.
Read lesson note on International Trade (JAMB)
Read lesson note on Public Finance (JAMB)
Read lesson note on The Theory Of Price Determination (JAMB)
Read lesson note on International Trade And Balance Of Payments (WAEC)
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